FLOWER MOUND - City council approved an ordinance to establish a Tax Abatement Reinvestment Zone (TARZ) for the 150-acre Lakeside DFW mixed-use project, as well as a tax abatement agreement with the development team.

Lakeside DFW qualifies for the incentives because its projected $1 billion value exceeds the $10 million value required for incentives.

The ten-year agreement is for the project's commercial property only.

The timing for the incentives is important because Greystar Real Estate Partners, which is developing the first 45,000 sf of commercial development for the project, is ready to pull permits.

The agreement allows the impact and building permit fees to be waived for the first two years. During years three and four, the impact fees will be assessed at 12.5 percent, and the permit fees will be reduced by 75 percent.

In years five through ten, the impact fees will be assessed at 25 percent, and the permit fees will be reduced by 50 percent.